Genworth Values Mortgage Insurer Enact Holdings at $3.3 Billion in IPO

Richmond, Va.-based Genworth Financial, Inc. announced Monday that its wholly-owned subsidiary, Enact Holdings, Inc., plans to offer 13.3 million shares priced at $19 to $20 each in its upcoming initial public offering. This would value the mortgage insurer at up to $3.3 billion. The company said all shares will be sold by Genworth and it will not receive any proceeds. (Enact), has amended its registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the SEC) in connection with its proposed initial public offering. In that filing, Enact states the following regarding the use of proceeds: “As selling stockholder, Genworth Holdings, Inc. (GHI) will receive all net proceeds from the sale of shares of Enact’s common stock,” the…

Rent.com Releases Eviction Information Tracker

In an effort to better represent the housing crisis as it affects renters and homeowners across America, Rent.com has created an interactive tracking dashboard for eviction and foreclosure information in the U.S. The pandemic has exacerbated financial pressure and housing security for millions of Americans, a problem that has come to a head since the Supreme Court ruled the national eviction moratorium imposed by the Biden administration was unconstitutional. At least 11 million renters are considered seriously behind on payments, and an estimated 3.6 million households could be evicted in the next few months. “While affordable housing has been debated for years, housing insecurity, wealth gaps and eviction trends have become more prominent during the pandemic,” the website reads. “As…

NAR, Zillow Antitrust Lawsuit Moves Forward

A U.S. District Court judge denied motions by the National Association of Realtors (NAR) and Zillow to dismiss an antitrust challenge from the real-estate tech company Real Estate Exchange (REX), saying that REX provided sufficient evidence that NAR and Zillow conspired to restrain trade and to harm consumers. REX sued on the grounds that a NAR segregation rule— a rule followed by Zillow that separates new technology listings on its site from traditional broker listings in a different tab, titled “Other Listings”– violates antitrust and consumer protection laws. They argued the policy privileges traditional broker models that include 5-6% commission fees for buyers. REX said the “Other Listings” tab was a “recessed, obscured, and deceptive tab that consumers do not…

NAMB And SRE.com Announce Online Marketplace

The National Association of Mortgage Brokers (NAMB) and global technology provider SRE.com are partnering up to build an online marketplace for borrowers to choose their own mortgage loan originators. The SRE marketplace will allow borrowers to browse the profiles of mortgage loan originators across the US based on search terms for property type and expertise, as well as read reviews posted by other users. Site reliability engineering (SRE) replaces operations teams who manually update websites with software that can automate tasks and manage systems, resulting in an easily scalable and reliable product. “This new online destination will be the industry’s first true borrower-facing portal, where consumers can choose the professionals they want to serve them based on the actual experience…

Zventus Launching “Mortgage Blockchain Lab”

California-based business consulting firm Zventus has announced a new blockchain venture geared towards the financial services industry. The new project is being launched in collaboration with mortgage domain experts, technology partners, and universities to create blockchain technology for the mortgage industry. The “Mortgage Blockchain Lab” will focus on developing new products, services, and solutions to enhance the loan process. The company predicts the results will make mortgage loans more secure, easier to manage, and less expensive, reducing costs for financial services firms by upwards of 50% per loan. A blockchain is a type of distributed database that exclusively stores cryptocurrency transactions that cannot be removed or manipulated. Cryptocurrencies are digital currency systems developed and traded using a variety of computational…

Alterra Home Loans Promotes Marc Hernandez to President

Marc Hernandez is the new president of Alterra Home Loans LLC, an independent mortgage bank headquartered in Nevada, the company announced Thursday. Former president and Co-Founder Jason Madiedo appointed Hernandez due to his leadership and contributions as Alterra’s executive vice president of retail lending, according to a press release from the company. “Marc’s a by-product of our culture and a prime example of our commitment to professional growth and grooming our leaders so they can be promoted from within. He knows the mortgage business well, but more importantly, he knows the people side of the business and excels at working well with a wide range of personalities,” said Madiedo. Hernandez joined Alterra in 2015 when he established a branch in Chicago.…

Neat Capital Offers Vax Bonus To Applicants

Boulder-based Neat Capital has announced they are offering a $500 discount on home financing to applicants who’ve received the COVID-19 vaccine. Borrowers can present any digital or electronic picture that shows a vaccination record, and applicants are eligible regardless of vaccine manufacturer or number of doses received. Neat Capital has offered to cover costs such as transportation and childcare for applicants who want to be vaccinated but have been unable to do so. Applicants who are unvaccinated because of health or religious reasons are also eligible. Companies like Budweiser and Krispy Kreme have been offering incentives to customers with proof of vaccination, but Neat Capital is the first financial services company to do so. As the pace of vaccinations has…

New Residential Announces Acquisition of Caliber Home Loans

Major mortgage finance firm New Residential Investment Corp. has announced its acquisition of Caliber Home Loans, part of a broader consolidation the firm revealed earlier this year. New Residential said in a press release this week that it had “completed the previously announced acquisition of Caliber Homes Loans, Inc,” which it had first announced in April. “With this acquisition we have extended our ability to offer a broad spectrum of mortgage products to borrowers throughout their homeownership journey,” New Residential CEO Michael Nierenberg said in the release. “On a combined basis, Newrez and Caliber funded approximately $45 billion UPB of volume during the second quarter of 2021 and serviced approximately $465 billion UPB of mortgage loans, ranking their combined performance…

AirBNB Says it Will Offer Free Housing to Thousands of Afghan Refugees

Housing and rental company AirBNB says it will provide free temporary lodging to tens of thousands of refugees from Afghanistan as part of global efforts to evacuate vulnerable citizens from the now-Taliban-controlled country. The company “will provide temporary housing to 20,000 Afghan refugees worldwide,” it said in a press release. “I hope this inspires other business leaders to do the same,” said chief executive Brian Chesky. “There’s no time to waste.” “As tens of thousands of Afghan refugees resettle around the world, where they stay will be the first chapter in their new lives. For these 20,000 refugees, my hope is that the Airbnb community will provide them with not only a safe place to rest and start over, but…

Zillow Group in ‘Oversold’ Territory Amid Drop in Share Prices

Digital real estate giant Zillow entered into oversold status this week as its shares fell amid broader indications that the U.S. housing market was slowing down. An “oversold” stock is one that is trading below its estimated value. Investors use what is called a “relative strength index” to analyze the magnitude of recent price changes and determine if a stock has dipped below its intrinsic worth. NASDAQ this week listed Zillow with an RSI at about 28; the exchange said in an analysis that a stock is “considered to be oversold if the RSI reading falls below 30.” Zillow’s share prices have been roughly declining since mid-February and this month dipped below 100 for the first time since November. “A…